Monetary economics

Short description: Branch of economics covering theories of money

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Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good.[1] The discipline has historically prefigured, and remains integrally linked to, macroeconomics.[2] This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions[3] and international aspects.[4]

Modern analysis has attempted to provide microfoundations for the demand for money[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.[8]

## Contents

* 1 History
* 2 Research areas
* 3 History
* 3.1 Islamic Golden Age
* 3.2 1500s to 1700s
* 4 See also
* 5 Notes
* 6 References
* 7 External links

## History

Further information: Finance:Quantity theory of money

The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow-Debreu model).[9]

## Research areas

Traditionally, research areas in monetary economics have included:

* Empirical determinants and measurement of the money supply, whether narrowly, broadly, or index-aggregated, in relation to economic activity[10]
* Empirical determinants of the demand for money.
* Credit theory of money (also called debt theory of money), concerning the relationship between credit and money.
* Debt deflation and balance-sheet theories, which hypothesize that over-extension of credit associated with a subsequent asset-price fall generate business fluctuations through the wealth effect on net worth.[11][12]
* Monetary aspects studied by central banks.[13]
* The monetary/fiscal policy relationship to macroeconomic stability[14]
* The effect of money supply growth on inflation.
* The political economy of financial regulation and monetary policy[15]
* Monetary implications of the asset-price/macroeconomic relation:[16] the quantity theory of money,[17] monetarism,[18] and the importance and stability of the relation between the money supply and interest rates, the price level, and nominal and real output of an economy.[19]

* Monetary impacts on interest rates and the term structure of interest rates[20]
* Lessons of monetary/financial history[21]

* Transmission mechanisms of monetary policy as to the macroeconomy[22]
* Neutrality of money vs. money illusion as to a change in the money supply, price level, or inflation on output[23]
* Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy[24]
* Monetary implications of imperfect and asymmetric information[25] and fraudulent finance[26]

* Game theory as a modeling paradigm for monetary and financial institutions[27]
* Possible advantages of following a monetary-policy rule to avoid inefficiencies of time inconsistency from discretionary policy[28]

## History

### Islamic Golden Age

At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,[29] cheques, promissory notes,[30] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[31] and banking institutions for loans and deposits.[31]

### 1500s to 1700s

Silver coin of the Maurya Empire, known as rūpyarūpa, with symbols of wheel and elephant. 3rd century BC. The French East India Company issued rupees in the name of Muhammad Shah (1719–1748) for Northern India trade. This was cast in Pondicherry.

In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams. Its use was continued by the Mughal rulers.[32] The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,[33] along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin,[34] from Sanskrit rūpa, beautiful form.[35]

The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.[36]

Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee. The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925.

Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.[37]

Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain .[citation needed]

At the end of this period, the first modern texts on monetary economics were beginning to appear.

During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper".[38]

In 1705, John Law in Scotland published Money and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with a land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously.[citation needed]

In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World. He criticised mercantilism and state-supported credit for the inflation problems of his era.[citation needed]

Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith's more famous book, The Wealth of Nations, which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.

The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through the price-specie flow mechanism.

## See also

* Finance:Chartalism - Heterodox theory of money
* Finance:Classical dichotomy - Idea that real and nominal variables can be analysed separately
* Finance:Currency crisis - When a country's central bank lacks the foreign reserves to maintain a fixed exchange rate
* Finance:Equation of exchange - Equation used on monetary theory
* Finance:Financial economics - Academic discipline concerned with the exchange of money
* Social:Free banking - Economic system
* Finance:Horizontalism
* Finance:Liquidity preference - Interest seen as a reward for parting with liquidity
* Finance:Liquidity trap - Situation described in Keynesian economics
* Finance:Market monetarism - School of macroeconomic thought
* Social:Modern Monetary Theory - Macroeconomic theory
* Finance:Monetarism
* Finance:Monetary base - Measure of money supply
* Finance:Monetary-disequilibrium theory
* Finance:Monetary reform - Movements to amend the financial system
* Finance:Money creation - Process by which the money supply of an economic region is increased
* Finance:Money supply - Total value of money available in an economy at a specific point in time
* Finance:Systemic risk - Risk of collapse of an entire financial system or entire market
* Finance:Taylor rule - Rule from monetary policy
* Finance:Velocity of money - Rate of money changing hands
* Finance:Welfare cost of inflation

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## Notes

1. ↑ • James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press.
• _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press.
• Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 .
• John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 and References, pp. 305-13.
• Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927 -54.
• _____, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.
2. ↑ • Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) and "monetary economics, history of" (abstract) , The New Palgrave Dictionary of Economics. 2nd Edition.
• Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Abstract-links version.
• JEL classification codes.
• David Hume, 1752. "Of Money," "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents.
• Thomas Mayer, 1980. "David Hume and Monetarism," Quarterly Journal of Economics, 95(1), pp. 89-101.
• Henry Thornton, 1802. Paper Credit. Contents, pp. ix-xii, & chapter links. Introduction by Friedrich Hayek, 1938.
• W. Stanley Jevons, 1876 [1919]. Money and the Mechanism of Exchange. Chapter-preview links.
• Carl Menger, 1892. "On the Origin of Money," Economic Journal, 2(6), pp. 239–255.
• Knut Wicksell, [1898] 1936. Interest and Prices, tr. R.F. Kahn. Macmillan, Chapter links, pp. v-vi.
• _____, [1906] 1929. Lectures on Political Economy, v. 2: Money, tr. E. Classen, 1935. Discussed in Lionel Robbins' Introduction to v. 1: General Theory, pp. xv-xviii.
• A.C. Pigou, 1917. "The Value of Money." Quarterly Journal of Economics, 32 (1), pp. 38-65. Reprinted in part in A.C. Pigou (1924), Essays in Applied Economics, pp. 175- 204.
• Fisher, Irving, [1911] 1922, 2nd ed.. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises
• John Maynard Keynes, 1923. A Tract on Monetary Reform. Macmillan. Reviews, 1924 & 1996 .
• _____, 1936. The General Theory of Employment, Interest and Money. Macmillan.
• Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS 19(76), pp. 355 -376.
• Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.
• Robert Clower, 1969b. "What Traditional Monetary Theory Really Wasn't," Canadian Journal of Economics. 2(2), pp. 299-302.
• David E.W. Laidler, 1991. The Golden Age of the Quantity Theory: The Development of Neoclassical Monetary Economics, 1870-1914. Princeton UP. Description and review.[|permanent dead link|dead link}}]
• Bennett T. McCallum, 1989. Monetary Economics: Theory and Policy. Macmillan. Preview.
3. ↑ • J.H. Boyd, 2008. "financial intermediation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Sudipto Bhattacharya, Anjan V. Thakor, and Arnoud W.A. Boot, 1998. "The Economics of Bank Regulation," Journal of Money, Credit, and Banking, 30(4), pp. 745-770.
4. ↑ • Stanley W. Black, 2008. "international monetary institutions," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Robert A. Mundell, 1971. Monetary Theory: Interest, Inflation and Growth in the World Economy. Goodyear. Description.
• Bennett T. McCallum, 1996. International Monetary Economics. Oxford. Description & chapter-preview links.
• Maurice Obstfeld and Kenneth S. Rogoff, 1996. Foundations of International Macroeconomics. MIT Press, Ch. 8-10. Description.
5. ↑ • William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556.
• James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247.[|permanent dead link|dead link}}] Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229\- [1] 242.
• _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86.
• Milton Friedman, 1956. "The Quantity Theory of Money: A Restatement," in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51 -67.
6. ↑ • Robert Clower, 1967. "A Reconsideration of the Microfoundations of Monetary Theory," Western Economic Journal, 6(1), pp. 1-8.
• _____, 1987. Money and Markets. Cambridge. Description and chapter-preview.
• David Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, 21(4), pp. 687–713. JSTOR 135258
• _____, 1993. The Demand for Money: Theories, Evidence, and Problems, 4th ed. Description.
• _____, 1997. "Notes on the Microfoundations of Monetary Economics," Economic Journal, 107(443), pp. 1213–1223. JSTOR 2957862
• Don Patinkin, 1965, 2nd ed. Money, Interest and Prices: An Integration of Monetary and Value Theory. New York: Harper and Row. Introduction to 1990 MIT edition (PDF ), and 1991 evaluation by Stanley Fischer.
• Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description and Table of Contents. .
7. ↑ • James Tobin, 1969. "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1(1), pp. 15-29.
• _____ with Stephen S. Golub, 1998. Money, Credit, and Capital. Irwin/McGraw-Hill. TOC.
• Stephen M. Goldfeld and Daniel E. Sichel, 1990. "The Demand for Money," in Handbook of Monetary Economics, v. 1, pp. 299-356. Outline.[yes|permanent dead link|dead link}}] Elsevier.
• Subramanian S. Sriram, 2001. "A Survey of Recent Empirical Money Demand Studies," IMF Staff Papers, 47(3). International Monetary Fund. pp. 334-65.
8. ↑ • Robert M. Townsend, 1980. "Models of Money with Spatially Separated Agents," in John H. Kareken and Neil Wallace, ed., Models of Monetary Economies pp. 265-303. Federal Reserve Bank of Minneapolis.
• Neil Wallace, 2001. "Whither Monetary Economics?," International Economic Review, 42(4), pp. p. 847 -869.
• Ricardo Lagos and Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3], pp. 463-84.
9. ↑ Sargent, Thomas J. (2001). The Princeton Economic History of the Western World. Princeton University Press. p. 69. "...the competitive equilibrium model of Arrow (1951) and Debreu (1954) has no role for fiat money, an asset that is valued only because it facilitates exchange. In the Arrow-Debreu model, all exchanges occur through a frictionless credit system. Credit works so well that no coins or notes are ever required for exchange. The Arrow-Debreu model would make coins worth the metal they contain."
10. ↑ • William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
• Phillip Cagan, 1965. Determinants and Effects of Changes in the Stock of Money, 1875-1960. NBER. Foreword by Milton Friedman, pp. xiii-xxviii. Table of Contents.
• Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. Review, Allan H. Meltzer, 1971. J of Business, 44(3), pp. 335-337.
• Paul A. Spindt, 1985. "Money Is What Money Does: Monetary Aggregation and the Equation of Exchange," Journal of Political Economy, 93(1), pp. 175-204.
• Michael T. Belongia, 1996. "Measurement Matters: Recent Results from Monetary Economics Reexamined," Journal of Political Economy, 104(5), pp. 1065-1083.
11. ↑ • Ben S. Bernanke, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, 27(1), pp. 1-28.
• _____, 1983. "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression," American Economic Review, 73(3), pp. 257-276. Reprinted with Bernanke, 1995 (above), in Bernanke, 2005, Essays on the Great Depression, Princeton. Description , TOC as ch. 1-2.
• _____ and Mark Gertler, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, 79(1), pp. 14-31.
• Irving Fisher, 1933. "The Debt-Deflation Theory of Great Depressions," Econometrica, 1(4), pp. 337-357.
• P. Bridel, 2008. "credit cycle," The New Palgrave Dictionary of Economics, 2008. 2nd Edition. Abstract.
• Mark Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, 20(3), pp. 559-588 .
• Steven Gjerstad and Vernon L. Smith, 2009. "From Bubble to Depression? " Wall Street Journal, April 6.
• Hyman P. Minsky, 1957. "Monetary Systems and Accelerator Models,"American Economic Review, 47(6), pp. 860-883 .
• Steve Fazzari and Hyman Minsky, 1984. "Domestic Monetary Policy: If Not Monetarism, What?" Journal of Economic Issues, 18(1), "Economic Policy for the Eighties and Beyond," pp. 101-116. Reprinted in M. Tool, ed., 1984, An Institutionalist Guide to Economics and Public Policy, pp. 101-116.
• Lance Taylor and Stephen A. O'Connell, 1985. "A Minsky Crisis," Quarterly Journal of Economics, 100(3, Supplement), pp. 871-885.
• Mervyn King, 1994. "Debt Deflation: Theory and Evidence," European Economic Review, 38(3-4), pp. 419-445. Abstract.
• Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, 96(2), pp. 411–416. JSTOR 30034682
• Nobuhiro Kiyotaki and John H. Moore, 1997. "Credit Cycles," Journal of Political Economy, 105(2), pp. 211–248. JSTOR 2138839
• Guillermo A. Calvo and Enrique G. Mendoza, 2000. "Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach,' American Economic Review, 90(2), pp. 59-64.
• Wynne Godley and Marc Lavoie, 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave MacMillan. Description & contents links and review .
12. ↑ • Karl Brunner and Allan H. Meltzer, 1988. "Money and Credit in the Monetary Transmission Process," American Economic Review, 78(2), pp. 446-451.
• Edward Nelson, 2002. "Direct Effects of Base money on Aggregate Demand: Theory and Evidence," Journal of Monetary Economics, 49(4), pp. 687-708. Abstract .J. M. Keynes, 1937. "The General Theory of Employment," Quarterly Journal of Economics, 51, (2), pp. 209-223 .
• Anthony M. Santomero and John J. Seater, 1981. "Partial Adjustment in the Demand for Money: Theory and Empirics," American Economic Review, 71(4), pp. 566-578.
13. ↑ • From Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, p. 1.
• Alan S. Blinder, 1997. "What Central Bankers Could Learn from Academics — and Vice Versa," Journal of Economic Perspectives, 11(2), pp. 3-19.[yes|permanent dead link|dead link}}]
14. ↑ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
"monetary and fiscal policy overview" by Narayana R. Kocherlakota. Abstract.
"fiscal and monetary policies in developing countries" by David Fielding. Abstract.
"government budget constraint" by Eric M. Leeper and James M. Nason. Abstract.
"currency crises" by Graciela Laura Kaminsky. Abstract.
"currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Abstract.
• Stanley Fischer and William Easterly, 1990. "The Economics of the Government Budget Constraint," World Bank Research Observer, 5(2), pp. p. 127 -142 (PDF , pp. 5-20 of 101).
• Thomas J. Sargent and Neil Wallace, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), pp. 1-17.
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"rational expectations" by Thomas J. Sargent. Abstract.
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"inflation targeting" by Lars E.O. Svensson. Abstract and pre-publication copy.
• Thomas J. Sargent and Neil Wallace, 1975. "'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, 83(2), pp. 241-254 .
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• Robert J. Barro, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, 86(4), pp. 549 -580, reprinted in Lucas and Sargent, ed., 1981, Rational Expectations and Econometric Practice, University of Minnesota Press, pp. 585-616.
• Clifford L. F. Attfield and Nigel W. Duck, 1983. "The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates," Journal of Money, Credit and Banking, 15(4), pp. 442 -454.
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25. ↑ • From 2008, The New Palgrave Dictionary of Economics, 2nd Edition:
"monetary business cycles (imperfect information)" by Christian Hellwig. Abstract.
"bubbles" by Markus K. Brunnermeier.
"speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract.
"information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch. Abstract.
• Alex Cukierman and Allan H. Meltzer, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, 54(5), pp. 1099-1128.
• Matthew B. Canzoneri, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, 75(5), pp. 1056 -1070.
• Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (description), Chicago, pp. 69-108
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• Franklin Allen and Douglas Gale, 2000 "Financial Contagion," Journal of Political Economy, 108(1), pp. 1-33.
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26. ↑ • Paul Povel, Rajdeep Singh, and Andrew Winton, 2007. "Booms, Busts, and Fraud," Review of Financial Studies, 20(4), pp. 1219-1254.
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27. ↑ • Martin Shubik, 1990. "A Game Theoretic Approach to the Theory of Money and Financial Institutions," ch. 5, in B. M. Friedman and & F. H. Hahn, ed. Handbook of Monetary Economics, Elsevier, v. 1, pp. 171-219 .
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• Guido Tabellini, 1986. "Money, Debt and Deficits in a Dynamic Game," Journal of Economic Dynamics and Control, 10(4), pp. 427-442. Abstract .
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28. ↑ • From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:
"monetary policy, history of" by Michael D. Bordo. Abstract and pre-publication copy.
"Taylor rules," v. 8, pp. 200-04, by Athanasios Orphanides. Abstract.
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• Finn E. Kydland and Edward C. Prescott, 1977. "Rules Rather than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, 85(3), pp. 473–92.
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• John B. Taylor, 1993. "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference Series on Public Policy, 39, pp. 195-214.
• Michael Woodford, 2003. Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description , table of contents , and chapter-1 ["The Return of Monetary Rules"] link. Reviews by Robert Formaini and Bennett T. McCallum.
29. ↑ Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". Historical Materialism 15 (1): 47–74. doi:10.1163/156920607X171591. ISSN 1465-4466. OCLC 440360743. https://www.scribd.com/doc/14246569/Banaji-Jairus-Islam-The-Mediterranean-and-the-Rise-of-Capitalism. Retrieved August 28, 2010.
30. ↑ Lopez, Robert Sabatino; Raymond, Irving Woodworth; Constable, Olivia Remie (2001). Medieval trade in the Mediterranean world: Illustrative documents. Records of Western civilization.; Records of civilization, sources and studies, no. 52. New York: Columbia University Press. ISBN 978-0-231-12357-0. OCLC 466877309. http://cup.columbia.edu/bookpreview/978-0-231-12356-3/.
31. ↑ 31.0 31.1 Labib, Subhi Y. (March 1969). "Capitalism in Medieval Islam". The Journal of Economic History 29 (1): 79–86. doi:10.1017/S0022050700097837. ISSN 0022-0507. OCLC 478662641.
32. ↑ "Mughal Coinage". https://www.rbi.org.in/currency/museum/c-mogul.html. "Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century"
33. ↑ Subodh Kapoor (January 2002). The Indian encyclopaedia: biographical, historical, religious ..., Volume 6. Cosmo Publications. p. 1599. ISBN 81-7755-257-0. https://books.google.com/books?id=q5ZM0nZXZEkC&pg=PA1599.
34. ↑ Turner, Sir Ralph Lilley (1985). "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985.. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. https://dsal.uchicago.edu/dictionaries/soas/index.html. "rū'pya 10805 rū'pya 'beautiful, bearing a stamp' ; 'silver'"
35. ↑ Turner, Sir Ralph Lilley (1985). "A Comparative Dictionary of the Indo-Aryan Languages". Includes three supplements, published 1969–1985.. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago. https://dsal.uchicago.edu/dictionaries/soas/index.html. "rūpa 10803 'form, beauty'"
36. ↑ Shoaib Daniyal. "History revisited: How Tughlaq's currency change led to chaos in 14th century India". scroll.in. https://scroll.in/article/821406/demonetisation-lessons-how-tughlaqs-unplanned-currency-change-in-14th-century-india-led-to-chaos.
37. ↑ Theodore Roosevelt; Kermit Roosevelt (1929). "Trailing the giant panda". Nature (Scribner) 124 (3138): 944. doi:10.1038/124944b0. Bibcode: 1929Natur.124R.944.. https://books.google.com/books?id=oXZCAAAAIAAJ. "... The currency in general use was what was known at the Tibetan rupee ...".
38. ↑ "History of Monetary and Credit Theory". https://mises.org/system/tdf/History of Monetary and Credit Theory_3.pdf?file=1&type=document.

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* Starr, Ross M., ed (1989). General equilibrium models of monetary economies: Studies in the static foundations of monetary theory. Economic theory, econometrics, and mathematical economics. Academic Press. pp. 351. ISBN 978-0-12-663970-4.
* Walsh, Carl E., 2003. Monetary Theory and Policy, 2nd ed., MIT Press. ISBN 0-262-23231-6. Description and chapter-preview links.
* Woodford, Michael (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton, New Jersey: Princeton University Press. ISBN 0-691-01049-8. http://press.princeton.edu/titles/7603.html.

## External links

* Journal of Money, Credit and Banking
* Journal of Monetary Economics
* NBER Working Papers: Links to JEL classes of abstracts or downloads for Macroeconomics and Monetary Economics, including:

(JEL: E4) Money and Interest Rates
(JEL: E5) Monetary Policy, Central Banking, and the Supply of Money and Credit
Presentation of Money, credit and finance an slideshow
What is money? an slideshow http://www.slideshare.net/MitchGreen/lesson-1-what-is-money#btnNext

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